Ghana has introduced sweeping reforms to its gold trade regulations in a bold move to clamp down on rampant smuggling that has cost the nation millions in lost revenue and foreign exchange.
The newly established Ghana Gold Board (GoldBod) is now the sole authority responsible for purchasing, assaying, and exporting gold, following the enactment of the Ghana Gold Board Act, 2025. According to Prince Kwame Minkah, GoldBod’s Media Relations Officer, the new legislation is designed to eliminate the shadowy, informal trading networks that have long enabled foreign and local actors to smuggle gold out of the country undetected.
Smuggling, which has flourished under Ghana’s previously fragmented and poorly regulated gold trade system, has severely undermined the national economy. Minkah noted that foreign operators, in particular, exploited regulatory loopholes to move large quantities of unaccounted gold across borders, evading taxes and bypassing official export channels. With GoldBod now acting as the central hub for all gold-related transactions, authorities expect a sharp decline in illicit trade. The centralisation will not only ensure better oversight but also enable accurate tracking of gold exports and revenue collection.
Under the new rules, all dealers—local and foreign—must operate under GoldBod’s licensing and regulatory framework. Foreign nationals engaged in local trading must withdraw by 30 April 2025, although they can still participate by purchasing through the Board. The government believes this restructuring will stabilise the Ghanaian cedi by boosting declared gold exports and enhancing foreign currency inflows. Minkah emphasised that the initiative is not about excluding stakeholders but about integrating them into a more transparent and accountable system, ensuring that Ghana reaps the full economic benefits of its gold resources.